cs152-Week3-indProjectProposal

Dynamic Pricing for Sports & Concert Tickets

Project Description

This project proposes a Reinforcement Learning (RL) and Neural Network-based dynamic pricing model for sports and concert ticketing. The goal is to optimize ticket prices based on real-time demand to maximum revenue.

What are you planning to do?

We plan to use Reinforcement Learning and Neural Networks to dynamically adjust ticket prices. Using historical ticket sales, competitor pricing, event popularity, and sentiment analysis we will maximize profits.

Why is your project exciting/fun/educational?

This project is exciting because it bridges the fields of machine learning and economics together. It is also exciting because this is a very real aplication used in sites like ticketmaster and will enable us to understand better the inner workings of these wensites through creation.

What does success look like?

Success will be defined by:

• The RL/NN model predicting demand fluctuations and dynamically changing the ticket prices.
• Maximizing shareholder value
• An ethical and fair pricing mechanism

Project Goals

1. Develop an RL-based pricing strategy
2. Optimizing revenue generated
3. Understanding the ideas behind these models and understanding how these opaque systems work better